South Shore expects to post US$122.4m full-year loss

The owner of The 13 Hotel in Macau has issued a profit warning.

Macau.- South Shore Holdings, the group that owns The 13 Hotel, has reported that it expects to record a HK$950m (US$122.4m) loss for the year ended March 31, 2021. That compares to a loss of HK$1.02bn (US$131m) for the previous year.

The company saw a decrease in the direct cost of sales and services of the hotel business as well as administrative and other expenses but an increase in finance costs when compared to the previous year.

Last year, the company reported HK$473.7m (US$56.4m) in net losses for the six months ending on September 30.

South Shore Holdings has been seeking prospective buyers for The 13 hotel and resort. The company wanted a sale as soon as possible to improve the group’s liquidity and financial position.